IFRS vs US GAAP

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• IFRS vs US GAAP: the key differences in one guide4 minute readThe key differences between IFRS and US GAAP: inventory, property, impairment, development costs, leases, credit losses and provisions, with a worked example.

10 comparisons

• IFRS 15 vs ASC 606: revenue differences3 minute readIFRS 15 vs ASC 606 compared: the differences in collectibility, licences, shipping and handling, sales taxes, contract costs and disclosures, with an example.
• IFRS 16 vs ASC 842: lease accounting differences3 minute readIFRS 16 vs ASC 842 compared: one lessee model or two, low-value leases, discount rates, sale and leaseback, EBITDA and cash flows, with a worked example.
• IAS 2 vs ASC 330: inventory, LIFO and write-downs3 minute readIAS 2 vs ASC 330 compared: LIFO, net realisable value or lower of cost or market, reversal of inventory write-downs and cost formulas, with LIFO examples.
• IAS 36 vs ASC 350 and 360: impairment differences3 minute readIAS 36 vs US GAAP impairment compared: the one-step and two-step tests, value in use, goodwill impairment and reversals, with a worked example.
• IFRS 9 ECL vs CECL: credit loss differences3 minute readIFRS 9 vs CECL compared: three stages or lifetime losses from day one, 12-month ECL, purchased credit-impaired assets and debt securities, with an example.
• IAS 12 vs ASC 740: income tax differences3 minute readIAS 12 vs ASC 740 compared: deferred tax assets and valuation allowances, uncertain tax positions, intragroup transfers and the initial recognition exemption.
• IAS 16 vs US GAAP: revaluation of property, plant and equipment3 minute readIAS 16 vs US GAAP for property, plant and equipment: the revaluation model, component depreciation, residual values, major inspections and borrowing costs.
• IAS 38 vs ASC 730: research and development costs3 minute readIAS 38 vs ASC 730 compared: when development costs are capitalised, the six IAS 38 criteria, US GAAP software exceptions and acquired R&D, with an example.
• IFRS 18 vs US GAAP: income statement presentation3 minute readIFRS 18 vs US GAAP income statement presentation: required subtotals, operating profit, expense disaggregation under ASU 2024-03, and MPMs vs non-GAAP rules.
• IAS 7 vs ASC 230: cash flow statement differences3 minute readIAS 7 vs ASC 230 cash flow statement differences: interest and dividends, bank overdrafts, restricted cash and the starting point, with a worked example.

The two frameworks

About these comparisons

Each comparison is written in our own words, with a worked example in which the same transaction is accounted for under both frameworks. More topics are being added.